Product Code: TIPRE00028970
The plant based meat products market is projected to reach US$ 14,527.55 million by 2028 from US$ 5,354.72 million in 2021; it is expected to grow at a CAGR of 15.3% from 2021 to 2028.
Plant-based meat has gained significant traction among consumers due to rising environmental sustainability and animal welfare concerns. It is increasingly preferred over animal meat products as people perceive vegan or plant based products to be healthier than animal-derived products.
Plant-based meat products are free of unsaturated fat and have low calorific value, making them healthier than conventional meat products. Manufacturers of plant based meat products offer burger patties, meatballs, sausages, ground meat, etc. They are making significant investments in product innovation to attract a larger number of consumers. They have begun to offer organic, gluten-free, non-GMO, allergen-free products that address emerging market trends.
Based on distribution channel, the plant based meat products market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. The supermarkets & hypermarkets segment accounted for the largest share of the plant based meat products market in 2020. However, the online retail segment is expected to register the highest CAGR during the forecast period. Online retail confers convenience in terms of shopping and product delivery. Online retail stores offer a wide variety of products with heavy discounts; also, consumers can conveniently buy desirable products remotely. Home delivery services attract a large group of customers to shop through an e-commerce platform. E-commerce websites offer detailed product information, along with user reviews, which help buyers compare products and make informed decisions. In August 2020, Beyond Meat launched a new e-commerce site to make its plant based meat products more accessible to consumers. The website will give consumers easy access to its vast portfolio of plant based meat products, thereby making it more convenient for them to experience Beyond Meat. Such initiatives by key players are projected to drive the growth of plant based meat products market during the forecast period.
Based on region, the plant based meat products market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM). In 2020, Europe held the largest share of the plant based meat products market, and North America is estimated to register the fastest CAGR over the forecast period. The growing prevalence of lifestyle diseases in countries such as the UK, Germany, and Italy makes Europe one of the most lucrative markets for plant based meat products. Health-oriented consumers are opting for healthy and plant based products in their diet. According to "Google Trends" Veganism was one of the Top 5 searched terms on Google in 2019 in the UK and across the world. In 2021, Brighton was found to be the most vegan-friendly city in the UK. It was also the most popular British city for veganism in 2019, followed by Bristol, Bathford, and Norwich, respectively. The increasing concerns over cardiovascular diseases, climate change, and the unethical treatment given to livestock are among the key factors driving the growth of the plant based meat products market across Europe.
The key players operating in the plant based meat products market include Beyond Meat; Conagra Brands, Inc.; Impossible Foods Inc.; Quorn Foods, Inc.; Kellogg Company; Hilary's Eat Well; Vbites Foods, Ltd.; Before the Butcher; Field Roast; and Tofurky; among others. These players are engaged in developing affordable products to meet the rising customer demands and retain their market shares.
The overall plant based meat products market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants-such as valuation experts, research analysts, and key opinion leaders-specializing in the plant based meat products market.
Reasons to Buy:
Highlights key business priorities in order to assist companies to realign their business strategies.
The key findings and recommendations highlight crucial progressive industry trends in the global plant-based meat products market, thereby allowing players to develop effective long-term strategies.
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.
Table Of Contents
1. Introduction
- 1.1 Study Scope
- 1.2 The Insight Partners Research Report Guidance
- 1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
- 3.1 Scope of the Study
- 3.2 Research Methodology
- 3.2.1 Data Collection:
- 3.2.2 Primary Interviews:
- 3.2.3 Hypothesis Formulation:
- 3.2.4 Macro-economic Factor Analysis:
- 3.2.5 Developing Base Number:
- 3.2.6 Data Triangulation:
- 3.2.7 Country Level Data:
4. Plant Based Meat Products Market Landscape
- 4.1 Market Overview
- 4.2 Porter's Five Forces Analysis
- 4.2.1 Bargaining Power of Suppliers
- 4.2.2 Bargaining Power of Buyers
- 4.2.3 Threat of New Entrants
- 4.2.4 Competitive Rivalry
- 4.2.5 Threat of Substitutes
- 4.3 Expert Opinion
- 4.4 Value Chain Analysis
- 4.4.1 Raw Material
- 4.4.2 Manufacturing/Processing
- 4.4.3 Packaging
5. Plant Based Meat Products Market - Key Market Dynamics
- 5.1 Market Drivers
- 5.1.1 Rising Importance of Environment Sustainability
- 5.1.2 Surging Veganism and Vegetarianism Trends
- 5.2 Market Restraints
- 5.3 Market Opportunities
- 5.3.1 Surging Demand in Emerging Regions
- 5.4 Future Trends
- 5.5 Impact Analysis of Drivers and Restraints
6. Plant Based Meat Products - Global Market Analysis
- 6.1 Plant Based Meat Products Market Overview
- 6.2 Plant Based Meat Products Market -Revenue and Forecast to 2028 (US$ Million)
- 6.3 Competitive Positioning - Key Market Players
7. Plant Based Meat Products Market Analysis - By Type
- 7.1 Overview
- 7.2 Plant Based Meat Products Market, By Type (2020 and 2028)
- 7.2.1 Patties
- 7.2.1.1 Overview
- 7.2.1.2 Patties: Plant Based Meat Products Market - Revenue and Forecast to 2028 (US$ Million)
- 7.2.2 Nuggets
- 7.2.2.1 Overview
- 7.2.2.2 Nuggets: Plant Based Meat Products Market - Revenue and Forecast to 2028 (US$ Million)
- 7.2.3 Meatballs
- 7.2.3.1 Overview
- 7.2.3.2 Meatballs: Plant Based Meat Products Market - Revenue and Forecast to 2028 (US$ Million)
- 7.2.4 Sausages
- 7.2.4.1 Overview
- 7.2.4.2 Sausages: Plant Based Meat Products Market - Revenue and Forecast to 2028 (US$ Million)
- 7.2.5 Others
- 7.2.5.1 Overview
- 7.2.5.2 Others: Plant Based Meat Products Market - Revenue and Forecast to 2028 (US$ Million)
8. Plant Based Meat Products Market Analysis - By Category
- 8.1 Overview
- 8.2 Plant Based Meat Products Market, By Category (2020 and 2028)
- 8.2.1 Frozen
- 8.2.1.1 Overview
- 8.2.1.2 Frozen: Plant Based Meat Products Market - Revenue and Forecast to 2028 (US$ Million)
- 8.2.2 Refrigerated
- 8.2.2.1 Overview
- 8.2.2.2 Refrigerated: Plant Based Meat Products Market - Revenue and Forecast to 2028 (US$ Million)
- 8.2.3 Ambient
- 8.2.3.1 Overview
- 8.2.3.2 Ambient: Plant Based Meat Products Market - Revenue and Forecast to 2028 (US$ Million)
9. Plant Based Meat Products Market Analysis - By Distribution Channel
- 9.1 Overview
- 9.2 Plant Based Meat Products Market, By Distribution Channel (2020 and 2028)
- 9.3 Supermarkets and Hypermarkets
- 9.3.1 Overview
- 9.3.2 Supermarkets and Hypermarkets: Plant Based Meat Products Market- Revenue and Forecast to 2028 (US$ Million)
- 9.4 Convenience Stores
- 9.4.1 Overview
- 9.4.2 Convenience Stores: Plant Based Meat Products Market- Revenue and Forecast to 2028 (US$ Million)
- 9.5 Online Retail
- 9.5.1 Overview
- 9.5.2 Online Retail: Plant Based Meat Products Market- Revenue and Forecast to 2028 (US$ Million)
- 9.6 Others
- 9.6.1 Overview
- 9.6.2 Others: Plant Based Meat Products Market- Revenue and Forecast to 2028 (US$ Million)
10. Plant Based Meat Products Market - Geographic Analysis
- 10.1 Overview
- 10.2 North America Plant Based Meat Products Market Revenue and Forecasts to 2028
- 10.2.1 North America Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
- 10.2.2 North America Plant Based Meat Products Market Breakdown by Type
- 10.2.3 North America Plant Based Meat Products Market Breakdown by Category
- 10.2.4 North America Plant Based Meat Products Market Breakdown by Distribution Channel
- 10.2.5 North America Plant Based Meat Products Market Breakdown, by Key Countries
- 10.2.5.1 US Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
- 10.2.5.1.1 US Plant Based Meat Products Market Breakdown by Type
- 10.2.5.1.2 US Plant Based Meat Products Market Breakdown by Category
- 10.2.5.1.3 US Plant Based Meat Products Market Breakdown by Distribution Channel
- 10.2.5.2 Canada Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
- 10.2.5.2.1 Canada Plant Based Meat Products Market Breakdown by Type
- 10.2.5.2.2 Canada Plant Based Meat Products Market Breakdown by Category
- 10.2.5.2.3 Canada Plant Based Meat Products Market Breakdown by Distribution Channel
- 10.2.5.3 Mexico Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
- 10.2.5.3.1 Mexico Plant Based Meat Products Market Breakdown by Type
- 10.2.5.3.2 Mexico Plant Based Meat Products Market Breakdown by Category
- 10.2.5.3.3 Mexico Plant Based Meat Products Market Breakdown by Distribution Channel
- 10.3 Europe Plant Based Meat Products Market Revenue and Forecasts to 2028
- 10.3.1 Europe Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
- 10.3.2 Europe Plant Based Meat Products Market Breakdown by Type
- 10.3.3 Europe Plant Based Meat Products Market Breakdown by Category
- 10.3.4 Europe Plant Based Meat Products Market Breakdown by Distribution Channel
- 10.3.5 Europe Plant Based Meat Products Market Breakdown, by Key Countries
- 10.3.5.1 Germany Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
- 10.3.5.1.1 Germany Plant Based Meat Products Market Breakdown by Type
- 10.3.5.1.2 Germany Plant Based Meat Products Market Breakdown by Category
- 10.3.5.1.3 Germany Plant Based Meat Products Market Breakdown by Distribution Channel
- 10.3.5.2 France Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
- 10.3.5.2.1 France Plant Based Meat Products Market Breakdown by Type
- 10.3.5.2.2 France Plant Based Meat Products Market Breakdown by Category
- 10.3.5.2.3 France Plant Based Meat Products Market Breakdown by Distribution Channel
- 10.3.5.3 Italy Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
- 10.3.5.3.1 Italy Plant Based Meat Products Market Breakdown by Type
- 10.3.5.3.2 Italy Plant Based Meat Products Market Breakdown by Category
- 10.3.5.3.3 Italy Plant Based Meat Products Market Breakdown by Distribution Channel
- 10.3.5.4 UK Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
- 10.3.5.4.1 UK Plant Based Meat Products Market Breakdown by Type
- 10.3.5.4.2 UK Plant Based Meat Products Market Breakdown by Category
- 10.3.5.4.3 UK Plant Based Meat Products Market Breakdown by Distribution Channel
- 10.3.5.5 Russia Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
- 10.3.5.5.1 Russia Plant Based Meat Products Market Breakdown by Type
- 10.3.5.5.2 Russia Plant Based Meat Products Market Breakdown by Category
- 10.3.5.5.3 Russia Plant Based Meat Products Market Breakdown by Distribution Channel
- 10.3.5.6 Rest of Europe Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
- 10.3.5.6.1 Rest of Europe Plant Based Meat Products Market Breakdown by Type
- 10.3.5.6.2 Rest of Europe Plant Based Meat Products Market Breakdown by Category
- 10.3.5.6.3 Rest of Europe Plant Based Meat Products Market Breakdown by Distribution Channel
- 10.4 Asia Pacific Plant Based Meat Products Market Revenue and Forecasts to 2028
- 10.4.1 Asia Pacific Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
- 10.4.2 Asia Pacific Plant Based Meat Products Market Breakdown by Type
- 10.4.3 Asia Pacific Plant Based Meat Products Market Breakdown by Category
- 10.4.4 Asia Pacific Plant Based Meat Products Market Breakdown by Distribution Channel
- 10.4.5 Asia Pacific Plant Based Meat Products Market Breakdown, by Key Countries
- 10.4.5.1 Australia Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
- 10.4.5.1.1 Australia Plant Based Meat Products Market Breakdown by Type
- 10.4.5.1.2 Australia Plant Based Meat Products Market Breakdown by Category
- 10.4.5.1.3 Australia Plant Based Meat Products Market Breakdown by Distribution Channel
- 10.4.5.2 China Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
- 10.4.5.2.1 China Plant Based Meat Products Market Breakdown by Type
- 10.4.5.2.2 China Plant Based Meat Products Market Breakdown by Category
- 10.4.5.2.3 China Plant Based Meat Products Market Breakdown by Distribution Channel
- 10.4.5.3 India Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
- 10.4.5.3.1 India Plant Based Meat Products Market Breakdown by Type
- 10.4.5.3.2 India Plant Based Meat Products Market Breakdown by Category
- 10.4.5.3.3 India Plant Based Meat Products Market Breakdown by Distribution Channel
- 10.4.5.4 Japan Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
- 10.4.5.4.1 Japan Plant Based Meat Products Market Breakdown by Type
- 10.4.5.4.2 Japan Plant Based Meat Products Market Breakdown by Category
- 10.4.5.4.3 Japan Plant Based Meat Products Market Breakdown by Distribution Channel
- 10.4.5.5 South Korea Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
- 10.4.5.5.1 South Korea Plant Based Meat Products Market Breakdown by Type
- 10.4.5.5.2 South Korea Plant Based Meat Products Market Breakdown by Category
- 10.4.5.5.3 South Korea Plant Based Meat Products Market Breakdown by Distribution Channel
- 10.4.5.6 Rest of Asia Pacific Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
- 10.4.5.6.1 Rest of Asia Pacific Plant Based Meat Products Market Breakdown by Type
- 10.4.5.6.2 Rest of Asia Pacific Plant Based Meat Products Market Breakdown by Category
- 10.4.5.6.3 Rest of Asia Pacific Plant Based Meat Products Market Breakdown by Distribution Channel
- 10.5 Middle East & Africa Plant Based Meat Products Market Revenue and Forecasts to 2028
- 10.5.1 Middle East & Africa Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
- 10.5.2 Middle East & Africa Plant Based Meat Products Market Breakdown by Type
- 10.5.3 Middle East & Africa Plant Based Meat Products Market Breakdown by Category
- 10.5.4 Middle East & Africa Plant Based Meat Products Market Breakdown by Distribution Channel
- 10.5.5 Middle East & Africa Plant Based Meat Products Market Breakdown, by Key Countries
- 10.5.5.1 South Africa Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
- 10.5.5.1.1 South Africa Plant Based Meat Products Market Breakdown by Type
- 10.5.5.1.2 South Africa Plant Based Meat Products Market Breakdown by Category
- 10.5.5.1.3 South Africa Plant Based Meat Products Market Breakdown by Distribution Channel
- 10.5.5.2 Saudi Arabia Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
- 10.5.5.2.1 Saudi Arabia Plant Based Meat Products Market Breakdown by Type
- 10.5.5.2.2 Saudi Arabia Plant Based Meat Products Market Breakdown by Category
- 10.5.5.2.3 Saudi Arabia Plant Based Meat Products Market Breakdown by Distribution Channel
- 10.5.5.3 UAE Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
- 10.5.5.3.1 UAE Plant Based Meat Products Market Breakdown by Type
- 10.5.5.3.2 UAE Plant Based Meat Products Market Breakdown by Category
- 10.5.5.3.3 UAE Plant Based Meat Products Market Breakdown by Distribution Channel
- 10.5.5.4 Rest of the Middle East & Africa Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
- 10.5.5.4.1 Rest of the Middle East & Africa Plant Based Meat Products Market Breakdown by Type
- 10.5.5.4.2 Rest of the Middle East & Africa Plant Based Meat Products Market Breakdown by Category
- 10.5.5.4.3 Rest of the Middle East & Africa Plant Based Meat Products Market Breakdown by Distribution Channel
- 10.6 South and Central America Plant Based Meat Products Market Revenue and Forecasts to 2028
- 10.6.1 South and Central America Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
- 10.6.2 South and Central America Plant Based Meat Products Market Breakdown by Type
- 10.6.3 South and Central America Plant Based Meat Products Market Breakdown by Category
- 10.6.4 South and Central America Plant Based Meat Products Market Breakdown by Distribution Channel
- 10.6.5 South and Central America Plant Based Meat Products Market Breakdown, by Key Countries
- 10.6.5.1 Brazil Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
- 10.6.5.1.1 Brazil Plant Based Meat Products Market Breakdown by Type
- 10.6.5.1.2 Brazil Plant Based Meat Products Market Breakdown by Category
- 10.6.5.1.3 Brazil Plant Based Meat Products Market Breakdown by Distribution Channel
- 10.6.5.2 Argentina Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
- 10.6.5.2.1 Argentina Plant Based Meat Products Market Breakdown by Type
- 10.6.5.2.2 Argentina Plant Based Meat Products Market Breakdown by Category
- 10.6.5.2.3 Argentina Plant Based Meat Products Market Breakdown by Distribution Channel
- 10.6.5.3 Rest of South and Central America Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
- 10.6.5.3.1 Rest of South and Central America Plant Based Meat Products Market Breakdown by Type
- 10.6.5.3.2 Rest of South and Central America Plant Based Meat Products Market Breakdown by Category
- 10.6.5.3.3 Rest of South and Central America Plant Based Meat Products Market Breakdown by Distribution Channel
11. Impact of COVID-19 Pandemic on Global Plant Based Meat Products Market
- 11.1 Impact of COVID-19 on Plant Based Meat Products Market
- 11.2 North America: Impact Assessment of COVID-19 Pandemic
- 11.3 Europe Impact Assessment of COVID-19 Pandemic
- 11.4 Asia Pacific: Impact Assessment of COVID-19 Pandemic
- 11.5 Middle East & Africa: Impact Assessment of COVID-19 Pandemic
- 11.6 South & Central America: Impact Assessment of COVID-19 Pandemic
12. Industry Landscape
- 12.1 Overview
- 12.2 Market Initiative
- 12.3 New Product Development
13. Company Profiles
- 13.1 Beyond Meat
- 13.1.1 Key Facts
- 13.1.2 Business Description
- 13.1.3 Products and Services
- 13.1.4 Financial Overview
- 13.1.5 SWOT Analysis
- 13.1.6 Key Developments
- 13.2 Conagra Brands, Inc.
- 13.2.1 Key Facts
- 13.2.2 Business Description
- 13.2.3 Products and Services
- 13.2.4 Financial Overview
- 13.2.5 SWOT Analysis
- 13.2.6 Key Developments
- 13.3 Kellogg's Company
- 13.3.1 Key Facts
- 13.3.2 Business Description
- 13.3.3 Products and Services
- 13.3.4 Financial Overview
- 13.3.5 SWOT Analysis
- 13.3.6 Key Developments
- 13.4 Tofurky
- 13.4.1 Key Facts
- 13.4.2 Business Description
- 13.4.3 Products and Services
- 13.4.4 Financial Overview
- 13.4.5 SWOT Analysis
- 13.4.6 Key Developments
- 13.5 Field Roast
- 13.5.1 Key Facts
- 13.5.2 Business Description
- 13.5.3 Products and Services
- 13.5.4 Financial Overview
- 13.5.5 SWOT Analysis
- 13.5.6 Key Developments
- 13.6 Before the Butcher
- 13.6.1 Key Facts
- 13.6.2 Business Description
- 13.6.3 Products and Services
- 13.6.4 Financial Overview
- 13.6.5 SWOT Analysis
- 13.6.6 Key Developments
- 13.7 VBites Foods Ltd
- 13.7.1 Key Facts
- 13.7.2 Business Description
- 13.7.3 Products and Services
- 13.7.4 Financial Overview
- 13.7.5 SWOT Analysis
- 13.7.6 Key Developments
- 13.8 Hilary's - Drink Eat Well, LLC
- 13.8.1 Key Facts
- 13.8.2 Business Description
- 13.8.3 Products and Services
- 13.8.4 Financial Overview
- 13.8.5 SWOT Analysis
- 13.8.6 Key Developments
- 13.9 Quorn
- 13.9.1 Key Facts
- 13.9.2 Business Description
- 13.9.3 Products and Services
- 13.9.4 Financial Overview
- 13.9.5 SWOT Analysis
- 13.9.6 Key Developments
- 13.10 Impossible Foods Inc.
- 13.10.1 Key Facts
- 13.10.2 Business Description
- 13.10.3 Products and Services
- 13.10.4 Financial Overview
- 13.10.5 SWOT Analysis
- 13.10.6 Key Developments
14. Appendix
- 14.1 About The Insight Partners
- 14.2 Word Index